You’ve heard that Inbound is a cost-effective, long-term method for producing qualified leads. It’s possible that you also have a general idea of the costs. But knowing what one company puts into Inbound doesn’t tell you the full story.
Your Education Technology company has different aims and resources from your peers. Finding a suitable Inbound Marketing budget requires a fair amount of self-analysis.
As always, the question is: “Where do we start?” Don’t worry. We’re here to put you on the right track. By the time you finish this article, you’ll feel empowered to start building your Inbound budget.
For simplicity’s sake, you can break down your budget into 3 main categories: Content Creation, Software Expenses, and Testing and Optimization.
You can either build a team in-house or work with an outside Inbound agency (gotta love that oxymoron). Deciding which option is better for your EdTech company will be determined by your marketing department’s resources and skill set. According to an estimate by HubSpot, even the most bare-bones Inbound Marketing team costs more than $120,000 in salary alone.
It’s commonly believed that a business should set aside 4-8% of its annual revenue for marketing. To achieve a successful Inbound Marketing campaign, it’s best to allocate at least a quarter of your marketing budget.
Let’s put this into perspective. A company with a gross revenue of $2 million should likely invest about $40, 000 into their Inbound campaign. For a company that hauls in $60 million, their budget would come in around $1.2 million.
When you take the ROI into account, Inbound Marketing is well worth the investment. Social Media B2B.com reports that businesses with a blog generate 67% more leads than their peers. Inbound can’t take the full credit for this success, but it does have a major impact.
Congrats! You’re prepared to start putting together an Inbound Marketing budget! We know there’s still a ton of research sitting on your plate, but you’ll chip away steadily.
Whether you decide on an internal team or an outside agency, a carefully planned strategy will be the keystone of your campaign.